Major cryptocurrencies traded in a mixed manner on Monday evening, amid speculation surrounding a potential U.S. regulator appeal in the Ripple case and a decline in enthusiasm towards a Bitcoin ETF.
Cryptocurrency
Gains +/-
Price (Recorded 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC)
-2.73%
$29,083
Ethereum (CRYPTO: ETH)
-1.63%
$1848
Dogecoin (CRYPTO: DOGE)
+5.59%
$0.075
What Happened: Bitcoin’s volume dominance plummeted to its lowest point since April, standing at just 27%, according to data from Kaiko.
This decline is primarily attributed to the spike in altcoin trading, fueled by the Ripple ruling and regulatory adjustments. It’s worth noting that offshore exchanges have experienced the sharpest decreases, while altcoin activity on US exchanges has noticeably surged.
It’s important to mention that the use of World Coin is currently prohibited in the US.
Meanwhile, Ethereum co-founder Vitalik Buterin has expressed concern about the project, raising doubts about its long-term viability beyond the initial market pump. Such remarks have led many to question the future prospects of this venture.
Top Gainer (24 Hour)
Cryptocurrency
Gains +/-
Price (Recorded 9:30 p.m. EDT)
XDC
+16%
$0.059
Trust Wallet
+7.61%
$0.9336
Dogecoin (CRYPTO: DOGE)
+5.59%
$0.075
Currently, the global crypto market capitalization stands at $1.17 trillion, down a 2.28% increase in the last day.
The S&P 500 and the Nasdaq Composite both saw gains of 0.4% and 0.2% respectively. The market rally has been supported by a stronger-than-expected earnings season, but Wall Street is also eagerly awaiting the Federal Reserve’s policy decision on Wednesday.
“Bitcoin’s consolidating trading has seen price action reside closer to the lower boundaries as volatility disappears. Short-term support from the $29,500 level broke this early this morning and if bearish momentum builds, key support could target the $27,500 region,” wrote Edward Moya, Senior Analyst at OANDA.
He added, “The crypto news flow has been uninspiring, with many traders focusing on OPENAI’s Sam Altman’s Worldcoin crypto project. It will take a fresh catalyst to excite Bitcoin traders and right now it seems the price action is destined for a broadening formation, potentially targeting the $27,500 and $31,500 zone.”
Crypto analyst Michael Van de Poppe provides a bigger picture of the current situation:Bitcoin’s price is currently above the 200-week Moving Average (MA) and Exponential Moving Average (EMA).
“We’re trending up since $15K. We’re facing crucial resistance at $32.5K. Even though we’ll drop back to $27K, the uptrend is still going strong,” he said.
The crucial area for #Bitcoin to break.
If we do, it’s party time and we’ll go to highs.
If this is again a fake-out, embrace yourself.
The volatility will be getting there next week. pic.twitter.com/aDIu7BeGEU
— Michaël van de Poppe (@CryptoMichNL) July 23, 2023
In a recent interview with crypto influencer Scott Melker, analyst McGlone shared his vision for the future of the king crypto. While he still believes that Bitcoin has the potential to reach a six-figure price tag in the long term, he warns that there might be a dip below the $20,000 level before it reaches this milestone.
“Remember, I made the call for [a] $100,000 Bitcoin when it was trading below $20,000… I still stick with that in the long term, but I think it’s more likely to drop 50% and get down to $20,000, even make a new low before it goes on that trajectory.”
Produced in association with Benzinga
Edited by Saba Fatima and Maham Javaid
